Magnetic Sensor Market Forecasts to 2028 – Global Analysis By Technology (Giant Magneto Resistance, Tunneling Magneto Resistance and Hall Effect), Application (Navigation and Electronic Compass, Flow Rate Sensing and Other Applications), End User and By

Magnetic Sensor Market Forecasts to 2028 – Global Analysis By Technology (Giant Magneto Resistance, Tunneling Magneto Resistance and Hall Effect), Application (Navigation and Electronic Compass, Flow Rate Sensing and Other Applications), End User and By Geography

According to Stratistics MRC, the Global Magnetic Sensor Market is accounted for $5.2 billion in 2022 and is expected to reach $9.1 billion by 2028 growing at a CAGR of 9.7% during the forecast period. The direction, flux, and strength of a magnetic field can be measured and monitored using magnetic sensors. In terms of contactless and wear-free measurements of several mechanical parameters, such as the angle of rotation and angular speed, these sensors offer an advantage. Due to their role in automating processes to improve efficiency and precision, sensors have become an essential component of the manufacturing process. Real-time data processing using a magnetic sensor alerts to speed-related issues. Moreover, they help in communication between the vehicle's suspension, braking, and other controls.

According to a report published by the International Council n Clean Transportation (ICCT), the total sales of EVs in Europe were estimated to reach 2.3 million, representing a 66% rise from the previous year.

Market Dynamics

Driver:

Rise in demand for magnetic sensor

Manufacturers are under pressure to invest in better navigation systems and offer connectivity to consumers as the demand for navigation on consumer electronics grows. Most smartphone users depend on navigational tools to find the destinations they need. A magnetic sensor is used by the integrated ecompass found in many electronic products to maintain direction. Thus, these factors are fuelling the growth of the market.

Restraint

Strict regulations

The issue of a lack of raw materials for the production of magnetic sensors is anticipated to worsen as the primary raw material suppliers. The world's need for magnetic sensors has declined as a result of the decline in car production. The manufacture of magnetic sensors has also decreased as a result of this. Hence, the shortage of raw material, decrease in demand for end-use products, and supply chain disruptions are acting as challenges for the manufacturers of magnetic sensors.

Opportunity

Growth in Internet of things (IoT)

IoT is a technology for providing internet or internet-working for nearly all applications, including smartphones, printers, scanners, and automobile infotainment systems. To link all of these items to a single network, IoT uses electronic software and sensors. The device includes a number of sensors, including touch, magnetic, and proximity sensors. Escalating growth in IoT market and government initiatives are anticipated to drive the market growth.

Threat

High installation cost

Magnetic sensors can be used to boost automation in electronic equipment, but because they are more expensive. The addition of magnetic sensors enables more functionality and automates the devices, but it adds to the cost, thus it is avoided in cost-effective applications. Moreover, continual usage of sensors results in heating problems, which reduces the total life of electrical gadgets. Thus, these factors hamper the growth of the market.

Covid-19 Impact

Participants in the magnetic sensor value chain have been severely impacted by the onset and spread of COVID-19. One of the major factors driving the growth of the magnetic sensor market is the rising demand for smartphones on a global scale. However, as a result of lockdowns implemented by various governments to stem the spread of the pandemic, smartphone sales have declined dramatically globally, which has had an influence on the market's expansion. Because people have less disposable money, their purchasing power has decreased, which has slowed the market's overall expansion.

The tunneling magneto resistance segment is expected to be the largest during the forecast period

The tunneling magneto resistance segment is estimated to have a lucrative growth, due to its ability to offer high output and sensitivity. These sensors have a wide range of industrial applications, including bio-sensing. The technology is gaining popularity owing to AMR sensors are also anticipated to become popular owing to their inherent features such as greater magnetoresistance, lower price, and high flexibility.

The automotive segment is expected to have the highest CAGR during the forecast period

The automotive segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the adoption of electric and hybrid cars in order to address growing concerns regarding environment pollution. These sensors form integral parts of devices. They are also embedded in gaming controllers and other smart products. Increased incorporation of magnetic sensors in consumer electronics is expected to positively impact market growth

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to growth in the production and expansion of the automotive aftermarket. Growing demand for magnetic sensors in cars and consumer electronics is driving the growth of the market. Also, the increasing number of small and medium-sized enterprises and increasing investments by these companies in developing improved magnetic sensors for varied applications are driving the growth of market.

Region with highest CAGR

North America is projected to have the highest CAGR over the forecast period, owing to connected cars. Miniature magnetic sensors assist in imparting such capabilities, while keeping basic functionalities of the car intact. Sensing components for a variety of applications, including position sensing, flow rate detection, and speed sensing, are also gaining popularity in the region. Since smartphones use hall-effect sensors to support compass applications, the proliferation of smartphones is the key factor driving the growth of the market.

Key players in the market

Some of the key players profiled in the Magnetic Sensor Market include Honeywell International Inc., Texas Instruments, Analog Devices, NXP Semiconductors, Allegro Microsystems, Inc., Diodes Incorporated, Asahi Kasei Corporation, Melexis Corporation, STMicroelectronics, Inc., TE Connectivity Ltd, AMS AG, Alps Electric Co. Ltd, NVE Corporation, Infineon Technologies, Omron Corporation, TDK Corporation and Robert Bosch GmbH.

Key Developments

In November 2019, Allegro MicroSystems launched the ATS17051, one of the first gear tooth sensor ICs designed to provide incremental position for electric vehicle traction motors operating up to 30k RPM.

In June 2019, Infineon Technologies AG expanded its sensor portfolio by a new AMR-based angle sensor, which is aimed at providing high accuracy in low magnetic fields. The XENSIV TLE109A16 product line is designed to address the need for very precise, fast, and cost-efficient.

Technologies Covered:
• Giant Magneto Resistance
• Tunneling Magneto Resistance
• Hall Effect
• Anisotropic Magneto Resistance
• Squid Sensors
• Flux Gate Sensors

Applications Covered:
• Navigation and Electronic Compass
• Flow Rate Sensing
• Speed Sensing
• Proximity Detection
• Position Sensing

End Users Covered:
• Aerospace & Defense
• Industrial
• Automotive
• Consumer Electronics
• Transportation

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements